News
Appzone Group Appoints New CFO

The board of directors of Africa’s leading fintech company, Appzone Group, have approved the appointment of Timothy “Tim” Souter as the new Group Chief Financial Officer.
A seasoned financial expert with expertise garnered in Europe and Africa, Tim Souter brings over 15 years of financial leadership experience across several industries and sectors including technology, telecoms, financial and investment services.
Prior to joining Appzone, Tim served as a Partner at Ethos Private Equity SA where he was responsible for origination, execution and portfolio management of the tech and telecommunications sectors.
A UK resident, Tim joins the Appzone Group while continuing to manage several other ongoing interests and will be commuting regularly between Nigeria and the UK
Mr. Obi Emetarom, CEO Appzone Group, said: “We are delighted to have Tim join Appzone. He is an experienced finance professional with a demonstrated history of leadership in the financial services industry across sub-Saharan Africa, and his broad financial and strategic experience, particularly his understanding of how technology is reshaping the financial services industry, will be an asset to us.”
Tim Souter has over the years built an extensive network in both the investment & financial services and telecoms sectors in Africa, and he possesses an intricate understanding of managing capital structures, currencies and critical stakeholders.
Tim was also involved in several non-TMT businesses during his time at Ethos, and his portfolio operated and invested across 10+ countries in sub-Saharan Africa.
As an active investor and shareholder, he has also held non-executive directorships across his investment portfolio as well as being Chairperson of various subcommittees over the years.
Tim served as non-executive director on the board of Eaton Towers, an independent tower company present in six countries. He more recently sat on the board of Echo, a corporate ISP, where he played an instrumental role in expanding the business into eight additional African countries through acquisition.
Prior to his role at Ethos, Tim was part of the EMEA TMT advisory team at Macquarie Capital, based in Johannesburg, South Africa and Chicago, USA.
Tim holds a Master of Finance degree from INSEAD and is a CFA charterholder. He also holds a Bachelor of Business Science from the University of Cape Town.
News
FG May Forfeits $4m from World Bank Loan over Audit Flop

Federal government may lose $4 million from a World Bank loan after failing to get a pass mark on key audit standards in its revenue-generating agencies, such as the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service.
This is according to a World Bank restructuring paper dated June 2025.
The amount, which is the equivalent of around N6.2 billion with an exchange rate of N1,568 per dollar, could have helped to address one of Nigeria’s infrastructural deficits.
The fund formed part of the $103 million Fiscal Governance and Institutions Project, a public financial management initiative financed through a credit facility from the International Development Association.
Accordingly, the revenue assurance audit covering the FIRS and Customs for the 2018 to 2021 financial years was assessed as not achieved because the reports submitted did not meet international auditing standards.
“Revenue assurance audit of Main Income Generating Agencies, including the Federal Inland Revenue Service and the Nigeria Customs Service for FY 2018–2021, with an allocation of $4m.
“These Intermediate Results to be implemented by the Office of Auditor-General of the Federation were assessed as not achieved by the Independent Verification Agent because the reports submitted for verification did not meet the requisite international auditing standards.”
Also, the unsuccessful audit was one of ten performance-based conditions under the project that the government could not deliver before the closing date of June 30, 2025. Consequently, the Federal Ministry of Finance formally requested the cancellation of $10.4 million in project funds.
“The FMF has requested cancellation of $0.9m of unused funds for technical assistance and $9.5m, which is the amount allocated to 10 performance-based conditions, which will not be achieved by the close of the project on June 30, 2025,” the document read.
Further analysis shows that $4.5 million was tied to the uncompleted Revenue Assurance and Billing System, while $1 million was allocated to the development of a National Budget Portal.
According to the document, the Budget Office of the Federation, which was responsible for the portal, did not submit any evidence of achievement. In addition, $0.9 million in technical assistance funding was left uncommitted and has also been cancelled.
News
CDCFIB Warns against Recruitment Racketeers

Civil Defence, Correctional, Fire and Immigration Services Board (CDCFIB) has warned job seekers to be wary of fraudsters circulating inappropriate recruitment information.
The warning came against the backdrop of social media publications that President Bola Tinubu has ordered massive recruitments into some government agencies.
The agencies listed in the report were the Nigeria Immigration Service (NIS); the Nigeria Security and Civil Defence Corps (NSCDC); the Nigeria Correctional Service (NCoS) and the Federal Fire Service (FFS)..
The agencies are all under the Ministry of Interior, headed by Dr Olubunmi Tunji-Ojo.
However, while responding to the reports, the Civil Defence, Correctional, Fire and Immigration Services Board (CDCFIB) cautioned Nigerians against falling into the traps of job racketeers.
The Board acknowledged a Presidential approval for the recruitment of personnel in the four (4) Paramilitary Services under its purview, but insisted that due process would be followed on the matter.
Major Gen. Abdulmalik Jibrin (rtd), board secretary, said in a statement that “there are series of processes which leads to the actual recruitment exercise.”
“The Board wishes to reiterate that for all its recruitment processes, appropriate notifications would be done via adverts in the national dailies and it would be carried out in a fair and transparent process devoid of payment of any fee.
“To this effect, members of the public should be weary of the activities of recruitment racketeers who may want to take advantage of unsuspecting job seekers to rob them of their hard-earned resources”, Gen Jibrin said.
News
Concerned Nigerians Ask EFCC to Release Abiodun, CBEX Promoter

Adefowora Abiodun, one of the alleged promoters of the CBEX investment scheme, who voluntarily surrendered to the Economic and Financial Crimes Commission (EFCC) in April following a ruling by Justice Emeka Nwite of the Federal High Court in Abuja, is still languishing in the custody of the anti-corruption agency.

Adefowora Abiodun, one of the alleged promoters of the CBEX investment scheme,
Concerned Nigerians who have been following the matter have urged the EFCC to release him unconditionally since he honoured their invitation without being arrested.
The court had approved the EFCC’s request to arrest and detain six individuals connected to the scheme, including Abiodun.
Alongside Abiodun, five other individuals—Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim—were declared wanted by the EFCC for their involvement in the alleged fraudulent investment scheme, which was valued at over $1 billion.
Fadila Yusuf, EFCC’s legal counsel, had submitted evidence that led to their public declaration as wanted individuals.
After the announcement, Abiodun, who was shocked by the declaration, alongside his legal team, presented himself to the EFCC headquarters in Abuja, expressing his willingness to cooperate with the investigation.
Babatunde Busari, his legal counsel, explained that Abiodun’s decision to submit voluntarily was made in order to clear his name and address the media narratives circulating about the case.
Despite the return of investor funds and CBEX’s assurance that withdrawals would be allowed by June 25, Abiodun has been in detention for over a month, triggering speculation about the EFCC’s high-handedness and rights abuse.
His legal team is now advocating for his release on administrative bail, emphasizing that the ongoing detention is unwarranted under the circumstances since he submitted himself for investigation.
According to one of the family sources, “Keeping him in a cell for over one month would send a negative signal to other Nigerians who would be declared wanted by the EFCC in the future. It would discourage Nigerians who have clear cases from surrendering themselves voluntarily to security agencies if, at the end of the day, they don’t receive mutual respect for surrendering themselves.”
He added that CBEX is not a Ponzi scheme.
Reacting to the agitation by concerned Nigerians, Dele Oyewole , EFCC spokesman hinted that the agency obtained a remand order to keep him beyond 48 hours.
According to him, “Anybody that we are holding beyond 48 hours, be rest assured that we have a lawful remand order from the magistrate court to hold him beyond 48 hours.
“We are a law-abiding commission. Concerning that suspect, we are holding him on the basis of that remand order.”
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